AIB sells Allfirst to US bank
NEWS
DUBLIN -- Allied Irish Banks last week confirmed it is selling its US subsidiary Allfirst Financial -- the bank that discovered in February it had lost nearly $700 million from fraudulent forex trading.
AIB is to get $886 million and a 22.5% stake in buyer, Buffalo, New York-based M&T Bank, in exchange for Allfirst in a deal AIB described as a ‘strategic partnership.’
The Dublin-based bank said it would use approximately $450 million to buy back AIB shares.
Michael Buckley, group chief executive
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